Only one day is left for income tax return (ITR) filing as the income tax department has clearly stated in multiple bulletins that there will be no extension of the ITR due date for FY 2022-23 (AY 2023-24). Therefore, if you have not filed yet your income tax return you should file it soon as possible before the end of the deadline i.e July 31.
According to data shared by the Income Tax Department, a record number of taxpayers have already filed their ITRs for FY 2022-23 (AY 2023-24). Also, a large number of taxpayers have already received refunds.
But several hundreds of salaried taxpayer who have yet not filed their income tax returns for the FY 2022-23. Not filing ITR before the due date can have several consequences. If you miss the deadline and file return after the due date, you will have to pay a late fee. Non-furnishing or late furnishing of return of income attracts interest under section 234A. Also, delay in furnishing return of income attracts fees under Section 234F, which varies from ₹1,000 to ₹5,000. Therefore, it is recommended to file returns before the end of the due date.
If you are filing income tax returns yourself, here is a step by step guide to avoid any mistake:
Important documents needed
Though, nowadays, the e-filing portal provides pre-filled ITR forms, but some incomes, such as capital gains, need to be filled manually. Following are some of the important documents you must keep handy while filing your income tax returns.
- Form 16
- Form 16A
- Form 26AS
- Capital gains statements
- Tax saving investment proof
- PAN Card
- Medical insurance statement, if applied
Step-by-step guide to filing ITR
- Go to the Income Tax e-Filing portal.
- Log in to the portal by entering your user ID (PAN), Password, and Captcha code.
- Click on the ‘e-File’ menu and click the ‘Income Tax Return’ link.
- Choose the Income Tax Return (ITR) form. As you are a salaried taxpayer having Form 16, you can use either ITR-1 or ITR-2.
- After that, choose the assessment year (AY) for which you want to file the ITR. You should choose the assessment year 2023-24.
- Validate all the data entered in the form, and submit.
- After submitting your return, e-verify it using any of the available options such as Aadhaar OTP, etc.
- Upload, e-verify return
The last step is to re-check all your details and upload the form. However, your job is not complete until you verify your return.
Updated: 30 Jul 2023, 06:51 PM IST